The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Charges and Savings

The initial saving applied to a fund depends on how it is priced. Dual priced funds have two
different prices (a sell price and a buy price); single priced funds have a single price
(at which the fund can be bought and sold).

For dual priced funds the difference between the buy and sell price is made up of the initial
charge and other costs e.g. the fund manager's dealing costs. The 'initial saving from HL' will
reduce the buying price, but even with a full discount the buying price may still be higher than
the selling price.

For single priced funds the price quoted does not include the 'initial charge'. Any
'initial charge' after deduction of the 'initial saving from HL' will be added to the price
quoted.

Please note that even where a full saving is offered a
dilution levy could be applied on the way in or out of the fund.

HMRC believes that from April 2013 rebates of annual charges (such as loyalty bonuses) paid on funds held in nominee accounts, such as our Fund & Share Account, should be subject to income tax. Loyalty bonuses paid on funds in ISAs and SIPPs are unaffected, and they remain tax-free.

We believe all loyalty bonuses are tax-free and we are challenging HMRC's interpretation. However, while we make this challenge we are paying loyalty bonuses within the Vantage Fund & Share Account net of an amount equivalent to the basic rate tax. If we are successful in our challenge we will return this money to clients. If we are unsuccessful we will use the money to pay over any amounts due to HMRC.

If loyalty bonuses are taxable then the value of our ongoing saving to you could be reduced, depending on the rate of tax you pay. The below table gives an indication of how this may affect you.

In this case, the ongoing saving is 0.25%, of which 0.25% is paid by loyalty bonus. The tax that could be payable on this loyalty bonus, and therefore the value of this saving to you, is shown below.

Non-taxpayer

Basic rate taxpayer

Higher rate taxpayer

Additional rate taxpayer

Ongoing saving from HL:

0.25%

0.25%

0.25%

0.25%

Loyalty bonus:

0.25%

0.25%

0.25%

0.25%

Tax on loyalty bonus:

0.00%

0.05%

0.1%

0.1125%

Value of ongoing saving to you:

0.25%

0.2%

0.15%

0.1375%

Tax rules can change and benefits depend on individual circumstances. Please remember loyalty bonuses received on funds held in the Vantage ISA or Vantage SIPP are exempt from tax.

Also, loyalty bonuses received by overseas investors, companies and charities are not required to be paid with the deduction of tax. Therefore, if you are an overseas investor, or you represent a company or charity please let us know if you would like your loyalty bonuses paid without the deduction of an amount equivalent to the basic rate tax.

In some cases the ongoing savings are provided by our loyalty bonus. Loyalty bonuses are tax-free in an ISA or SIPP. However, they may be
subject to tax in a Fund & Share Account which would, in effect, reduce their value and increase the net ongoing charge.

Ready to take your first step?

Performance

05/06/15 to 05/06/16

05/06/16 to 05/06/17

05/06/17 to 05/06/18

05/06/18 to 05/06/19

05/06/19 to 05/06/20

Annual return

11.66%

36.75%

9.49%

-1.86%

10.27%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Our view on this fund

The
Wealth 50
is the list of what we believe are the best funds in each sector. If a fund is not
within our Wealth 50 this is not necessarily a recommendation to sell.
However, if you are thinking of adding to your investments, we believe the Wealth 50
is a good place to start.
View funds on the Wealth 50 »

Fund Objective

The Fund aims to achieve capital growth. The Fund invests primarily in the equities of smaller companies domiciled in Continental Europe or with significant Continental European operations. If desirable, the Manager may further invest in other securities (including fixed interest securities, other equities and money market securities).

Income Details

Historic yield
:

0.63%

Income paid:

Annually

Type
of payment:

Dividend

Ex-dividend
date:

8 March 2021

Payment date:

7 May 20214

This data is provided by Funds Library. HL accepts no responsibility for its accuracy and you should independently check data before making any investment decision. All yields are variable and not guaranteed. Information correct as at 31 May 2020.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used.
Prices provided by Morningstar,
correct as at 5 June 2020.
Data provided by Funds Library, correct as at 30 April 2020.

1 of 2

Key facts

Mine Tezgul

Manager start date

01/12/2019

Manager located in

TBC

Biography

Mine Tezgul is deputy manager for our pan European and European smaller company strategies. She joined the company in 2018 as a European equity analyst. Before joining the company, Mine spent ten years as a long-short equity analyst, covering companies across a range of industry sectors within developed market equities. She has worked at Lansdowne Partners, SAC Global Investors and Highbridge Capital. She started her career with Citigroup as a financial analyst in the Investment Banking Division. She holds a BA in Economics with General Honors from the University of Chicago and an MBA with Distinction from INSEAD.

Key facts

Philip Dicken

Manager start date

15/04/2019

Manager located in

London

Biography

Philip Dicken is Head of European equities at Columbia Threadneedle Investments. He joined the company in 2004 and has managed the Threadneedle Pan European Smaller Companies Fund since launch. He also manages several other smaller company portfolios. He started his career with Merrill Lynch as an analyst in the Corporate Finance division and holds a first class degree in Mechanical Engineering with study in Continental Europe from Bristol University. He holds the Chartered Financial Analyst designation and is also a member of the CFA Society of the UK.

4 If you elect to receive the income from a Vantage ISA or Vantage Fund & Share Account, we will collect any dividends for you and then pay them directly into your bank account within the first 10 working days of the following month.

Wealth 50 fund

Wealth 50 fund

Wealth 50 fund

This fund is on the Wealth 50 list of our favourite funds.

Wealth 50 fund

This fund is on the Wealth 50 list of our favourite funds.

Our website offers information about investing and saving, but not personal advice. If you're not sure which
investments are right for you, please request advice, for example from our financial
advisers. If you decide to invest, read our important investment notes first and
remember that investments can go up and down in value, so you could get back less than you put in.